Jiangsu Province-based Chinese steel producer Nanjing Iron and Steel Co. Ltd (Nanjing Steel) has announced in its preliminary annual report for 2016 that it expects to record a net profit of RMB 350 million ($50.95 million) for the given year, compared to the net loss of RMB 2.432 billion recorded in 2015.
Nanjing Steel stated that the rising trend of finished steel prices in 2016, its improved product variety, strengthened budget controls, the optimization of its procurement process and the reduction of its overall management costs contributed to its net profit in the given year.